PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩200 per share · Prices as of the 2026-10-02 close
Woory Industrial has posted three consecutive years of profit since exiting a 2022 loss, and its trailing four quarters already exceed full-year 2025 net income to owners.
2025 revenue reached KRW 532.0 billion, a fourth straight year of growth, with operating margin improving to 3.5% from 2.9% a year earlier
Combined net income to owners for 2025Q3-2026Q2 reached KRW 21.2 billion, already above full-year 2025's KRW 14.0 billion
Multi-year EV thermal-management component contracts, including PTC heaters, extend through 2031, providing revenue visibility
Global EV growth is expected to slow further in 2026 as US subsidies are phased out and China trims tax breaks
The debt ratio has declined from a 2023 peak of 209.3% to 177.4% in 2025
Woory Industrial was established in 2015 through a spin-off of the auto parts manufacturing and sales business from Woory Industrial Holdings.
The company is a Tier-2 supplier producing vehicle HVAC system parts and electronic components for automakers, and it develops and mass-produces core parts for electric and hydrogen vehicles.
Its main domestic customers include Hanon Systems, Hyundai Mobis, and Doowon Climate Control, while overseas sales flow through global Tier-1 suppliers such as DENSO and MARELLI to final automakers.
One brokerage report described the company's product mix as HVAC actuators (16% of revenue), heaters (22%), control heads (22%), and clutch coils (4%), with a domestic-to-export revenue split of roughly 55 to 45, and exports to the United States, Europe, and China each around 10%, 15%, and 10%.
Its key growth product is the high-voltage PTC heater used for cabin heating in EVs and fuel-cell vehicles, a market in which Woory Industrial was reportedly the only domestic producer early on, competing with only a handful of firms including Germany's Catem.
Since 2022 the company has also been registered directly as a Tier-1 supplier for some automakers, supplying heaters directly.
A distinctive structural feature is that overseas production plants are owned and operated separately by its affiliated parent, Woory Industrial Holdings, so Woory Industrial receives royalty income booked as non-operating revenue in the form of development and facility fees.
As automakers continue their shift toward electrification, competition within these component categories has gradually increased.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩140.5B | ₩5.1B | 3.6% |
| 2025Q3 | ₩129.3B | ₩4.8B | 3.7% |
| 2025Q4 | ₩132.4B | ₩5.7B | 4.3% |
| 2026Q1 | ₩119.9B | ₩4.3B | 3.6% |
| 2026Q2 | ₩127.1B | ₩4.7B | 3.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩364.6B | -₩24.7B | -₩18B | −6.8% | −21.6% | 177.8% |
| 2023 | ₩462.2B | ₩20.5B | ₩17.7B | 4.4% | 18.0% | 209.3% |
| 2024 | ₩510.6B | ₩15B | ₩13.1B | 2.9% | 12.0% | 189.9% |
| 2025 | ₩532B | ₩18.7B | ₩14B | 3.5% | 11.6% | 177.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue reached KRW 532.0 billion in 2025, up from KRW 510.6 billion in 2024, KRW 462.2 billion in 2023, and KRW 364.6 billion in 2022, marking four consecutive years of growth.
Operating profit was KRW 18.7 billion in 2025 (a 3.5% margin), improved from KRW 15.0 billion (2.9%) in 2024, though still below the KRW 20.5 billion (4.4%) recorded in 2023. Net income to owners was KRW 14.0 billion in 2025, similar to KRW 13.1 billion in 2024.
In 2022, despite revenue growth, the company posted an operating loss of KRW 24.7 billion and a net loss to owners of KRW 18.0 billion, before returning to profitability in 2023 and sustaining it for three straight years since.
On a quarterly basis, net income to owners was only KRW 0.9 billion in Q2 2025 but rose markedly to KRW 4.7 billion in Q3 and KRW 6.8 billion in Q4 2025, followed by KRW 4.3 billion in Q1 2026 and KRW 5.4 billion in Q2 2026.
Combined net income to owners over the trailing four quarters (2025Q3-2026Q2) totaled KRW 21.2 billion, already exceeding the full 2025 annual figure.
On the cash flow side, operating cash flow was negative KRW 6.8 billion in 2023 despite positive net income, but improved sharply to KRW 41.2 billion in 2024 and KRW 32.6 billion in 2025, indicating higher earnings quality. The debt ratio peaked at 209.3% in 2023 before easing to 189.9% in 2024 and 177.4% in 2025.
Global EV sales are estimated to have grown around 20% year over year in 2025, though the growth rate itself has slowed sharply from over 100% in 2021 to the low 20% range by 2024. In 2026, growth is expected to decelerate further as US purchase subsidies are phased out and China trims its tax incentives.
In contrast, Korea's domestic auto market was projected to grow about 2.5% year over year to roughly 1.677 million units in 2025, aided by a base effect, rate cuts, and government stimulus policies.
On the external front, the US government imposes a 25% tariff on finished vehicles and parts, and with Korea's auto industry export dependence on the US reaching 46.7% in 2024, there are concerns tariffs could weigh broadly on domestic parts makers.
The EV PTC heater segment in which Woory Industrial operates was initially an oligopoly among a small number of suppliers, but competition from both domestic and overseas rivals has increased as automakers accelerate electrification.
Amid this, the company has built a customer base spanning Hyundai/Kia, Mercedes-Benz (formerly Daimler), Stellantis, Tesla, and Rivian, which appears to have diversified its exposure to any single customer or region to some degree.
Between 2022 and 2023, the company secured multi-year PTC heater orders worth a combined total in the hundreds of billions of won from Hyundai/Kia, European automakers, and Germany's MAHLE, with supply periods extending as far as 2031, meaning revenue recognition will occur progressively over time.
A notable example is a roughly KRW 83.1 billion high-voltage PTC heater supply contract disclosed in May 2023 for HMG North America, running from 2024 through 2031.
The company has established a new production base in Georgia, USA, to accelerate its transition into a dedicated EV parts supplier, and expects the new plant to support increased production volume and sales.
However, the pace at which these orders and capacity expansions translate into actual revenue is tied to customers' EV production schedules and sales performance, so the anticipated slowdown in global EV growth in 2026 could affect the speed of revenue realization.
The company has not publicly disclosed specific quantitative annual guidance, so future performance will need to be tracked through quarterly disclosures and new order announcements as they occur.
As long as the structural shift toward electrification among domestic and overseas automakers continues, underlying demand for related components appears likely to persist, though an adjustment in growth pace seems unavoidable.
One brokerage report from 2019 described Woory Industrial's stock at the time as trading around a price-to-earnings ratio of roughly 19 times and a price-to-book ratio of about 1.8 times, reflecting growth expectations tied to PTC heaters.
Given that the company subsequently posted a loss in 2022 before returning to consistent profitability from 2023 through 2025, the current book-value multiple appears to sit meaningfully below that earlier band.
That said, Hana Securities noted in a 2023 report that the corporate structure—under which some overseas growth drivers are shared with parent Woory Industrial Holdings and an affiliate—could act as a valuation discount factor, and this structure remains in place today.
The company has a track record of paying annual cash dividends, consistent with the financial improvement seen over the past three years of sustained profitability.
Overall, assessing the current share price level requires weighing both the continuity of the earnings recovery and the structural discount factor tied to corporate governance simultaneously.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Since exiting a 2022 loss, the company has maintained profitability for three straight years through 2025, and net income to owners over the trailing four quarters has already surpassed the full-year 2025 figure.
Operating cash flow also came in at over KRW 30 billion in both 2024 and 2025, indicating improved earnings quality. Whether this trend continues is a key point to watch.
PTC heater supply contracts secured in 2022-2023 with Hyundai/Kia, European automakers, and MAHLE extend as far as 2031. This provides a basis for revenue to be recognized progressively over multiple years ahead. Operation of the new Georgia production base is also cited as a factor that could support sales expansion.
The debt ratio has trended down from 209.3% in 2023 to 177.4% in 2025. Total equity has also expanded from KRW 85.7 billion in 2022 to KRW 123.4 billion in 2025. Stable cash flow generation has underpinned this balance sheet improvement.
In 2026, EV sales growth is expected to slow further as US purchase subsidies are phased out and China reduces tax breaks.
Since a significant portion of the company's revenue comes from EV and fuel-cell vehicle thermal-management components, an adjustment in downstream demand growth could affect the pace of revenue expansion.
The 2025 operating margin of 3.5% improved from the prior year but still falls short of 4.4% recorded in 2023. Since revenue growth has not always been accompanied by a matching pace of margin improvement, the durability of margin recovery warrants further confirmation.
Overseas production plants are separately owned and operated by parent Woory Industrial Holdings, so the company only receives royalty income booked as non-operating revenue.
Hana Securities noted in a 2023 report that this structure, which requires sharing some overseas growth drivers with the parent and an affiliate, acts as a valuation discount factor.
The US government imposes a 25% tariff on finished vehicles and parts, and Korea's auto industry export dependence on the US reached 46.7% in 2024.
Since Woory Industrial's products reach the US market through automakers and Tier-1 suppliers, profitability could be affected depending on how the tariff burden is ultimately allocated.
The company's revenue structure relies relatively heavily on a limited number of automaker and Tier-1 customers. A slowdown in EV sales or production delays at any specific customer could directly affect revenue.
With exports accounting for close to half of revenue, the company is exposed to fluctuations in the KRW/USD and KRW/EUR exchange rates. Fluctuations in the prices of raw materials such as copper and aluminum used in electrical and electronic components can also affect the cost structure.
The Q3 earnings release is tentatively scheduled around November 18, 2026 per Investing.com, a point to check whether the earnings recovery trend continues into the fourth quarter.
It will be worth checking how the follow-through of US EV subsidy removal and tariff policy is reflected in parts suppliers' profitability.
It is worth monitoring for new order disclosures on PTC or coolant heaters and any follow-up reports on the utilization rate of the Georgia plant.
Once the details of China's EV tax break reduction are finalized, its impact on global EV demand trends will warrant a fresh review.
Woory Industrial has posted three consecutive years of profit from 2023 through 2025 after a 2022 loss, and the earnings recovery has continued with trailing four-quarter net income to owners already exceeding the full 2025 figure.
Operating margin is improving but has not yet returned to 2023 levels, while cash flow and the debt ratio have both improved markedly.
On the business side, multi-year PTC heater supply contracts extending to 2031 support revenue visibility, but the anticipated slowdown in global EV growth in 2026 and US tariff policy remain downside factors.
The governance structure, under which the parent company separately owns overseas production plants, is a distinctive feature to consider when assessing valuation.
Going forward, quarterly earnings, new order disclosures, and shifts in US and China EV policy stand out as the key variables shaping the earnings trajectory. Investment judgment should weigh these bullish and bearish factors together and remain with the reader.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.